Chinese e-commerce industry leader Alibaba Group has decided to hold its IPO after the U.S. Labour Day holiday after Sept. 1 instead of late July as originally planned, China’s state media reported.
The offering, which may be the world’s largest ever, has been postponed for “procedural reasons” and to avoid the Wall Street holiday season, said Xinhua News agency in a report published in Saturday’s Shanghai Daily newspaper that cited an unnamed source.[eap_ad_1]
Alibaba is about 36% owned by Softbank and 24% owned by Yahoo. Billionaire chairman Jack Ma is one of China’s richest businesspeople.
Alibaba said earlier this month it would team up with Lions Gate, whose U.S. hits include the Hunger Games series and Orange is the New Black, to offer film and TV content on a streaming service on China.